12/14/05 Wheat mixed; new cattle highs

Marketline December 14, 2005 Wheat futures closed mixed Tuesday with Chicago showing the strongest gains and Kansas City being the weakest. Some traders pointed to a late rally in soybeans that helped wheat contracts. On the negative side for hard red wheats was news that a NAFTA dispute panel decision will mean Canadian spring wheat can be imported into the U.S. without any duties. A U.S. Trade Commission ruling in 2003 led to the imposition of duties on Canadian imports but those will now be coming off. Meanwhile, USDA meteorologist Brad Rippey says recent below zero temperatures in the southern Plains probably hurt winter wheat which lacked a snow cover. Rippey: "That crop is already drought stressed to begin with so we will be looking at north Texas and parts of western Oklahoma come spring for signs of any damage that might have been done during that cold wave." On Tuesday March Chicago wheat was up 3 3/4 cents at 3-18 ½. March corn up a penny at 2-08 3/4. Portland cash white wheat two cents higher at mostly 3-44. Club wheat 3-92. PNW HRW 11.5 percent protein unchanged at 4-47. Dark northern spring 14% protein mixed at 5-05. No Portland barley bids. Fund buying got the credit for higher cattle futures Tuesday with lots of new contract highs mostly on live contracts. Fundamental support is coming from the reopening of the Japanese market and also on ideas cash fed cattle will be higher this week. Packers are now operating in the black. Feb live cattle up 105 at 96-25. Jan feeders up 65 at 114-83. Jan Class III milk up four cents at $13. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.